U.S. Department of Energy awards Moltex Energy $3.5 million
Moltex Energy is being given $3.5 million to advance its small modular reactor technology with its potential to provide low-cost, clean energy. Funds for Moltex to advance its stable salt reactor-waste burner (SSR-W) technology are being awarded through an agency within the U.S. Department of Energy.
Moltex Energy, a privately held nuclear power development company with headquarters in the UK and New Brunswick, has developed SSR-W to burn existing nuclear waste, reducing waste stockpiles while generating clean, grid-scale electricity.
Moltex said in a news release that nuclear waste in the United States represents 25 per cent of global stockpiles. The company says its SSR-W technology can help significantly reduce waste, clean grids and boost the economy.
The SSR-W also offers thermal energy storage from renewables, collecting and storing energy produced from sources such as wind and solar during peak generation, and feeding it back into the grid when electricity demand goes up.
Moltex Energy applied for the funds through Generating Electricity Managed by Intelligent Nuclear Assets (GEMINA), a program focused on making transformational change to current advanced reactor designs.
Nearly two years ago, Moltex Energy was selected by New Brunswick Energy Solutions Corporation and NB Power to develop its SSR-W technology in New Brunswick. The aim is to deploy the first SSR-W at the Point Lepreau nuclear reactor site before 2030.